PNB MetLife Money Back Plan

Overview of PNB MetLife Moneyback Plan

This is a plan of PNB Metlife insurance that gives two guarantees – that your family and dependants will be financially covered should the worst come to pass for you, and that you will earn your money back- guaranteed.

Key Features of PNB MetLife Money Back Plan

Death Benefit – In the event the life insured dies, 100% of the sum assured is paid to the nominee irrespective of the survival benefits already paid.

Survival Benefit – The life insured will receive 10% of the chosen base sum assured as survival benefits on completing 5th policy year till the 9th policy year.

Maturity Benefit – On completing the policy term, the policyholder will be entitled to get 60% of the sum assured at the end of the policy term.

Policy year

Benefit

5th year

10% of sum assured

6th year

10% of sum assured

7th year

10% of sum assured

8th year

10% of sum assured

9th year

10% of sum assured

10th year

60% of sum assured

Basis

Single.

Policy term

10 years.

Premium paying Term

Regular

Premium paying mode

The premiums can be paid annually, half-yearly, monthly and by Payroll Savings Program. The modal factors are applied as follows:

Premium mode

Modal factor

Semi annually

0.5131

Quarterly

0.2605

Monthly

0.0886

Payroll Savings Program

0.0868

Guaranteed surrender value

If the premiums are paid for 3 full policy year and the policy has been in force for 3 full policy years, the policy will acquire a guaranteed surrender value. The GSV is 30% of the total amount of premiums paid excluding the premium paid for the first policy year.

Loans

Loan is provided against the policy. The maximum loan amount offered is limited to 90% of the cash surrender value of the end of the relevant policy year. The rate of interest is determined by the company.

Tax benefits

Tax benefits are applicable as per applicable taxation laws.

You can avail tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.

Grace Period

There is a grace period of 30 days on non-payment of the unpaid premium. 15 days in the case of monthly and PSP modes.

Free Look Period

There is a free look period of 15 days from the date of receipt of policy documents.

Reinstatement

When the premiums are not paid within the grace period, the policy will lapse and is subject to non-forfeiture provisions.

Reinstatement can be requested up to 3 years from the date of the first non-paid premium.

Reinstatement is subject to receipt of a letter showing proof of insurability along with a formal request for reinstatement, and all the unpaid premiums, along with interest.

All premiums due till the date of reinstatement must be paid along with compound interest at the rate prescribed by the company.

Revival fees is Rs.250.

Termination

The policy stands terminated on the earliest among the following scenarios:

Date on which the policy is surrendered.

Upon the expiry of three years from the date of policy lapse. When the policy is not reinstated, provided that the policy has not acquired any paid up value.

On the payment of the maturity benefit.

Upon payment of death benefit.

Exclusion

In the event that the policyholder commits suicide within one year from the commencement of insurance coverage, the insurance cover will be void and the company will not pay any benefits and will just refund the premiums paid without interest to the nominee.

If the policyholder commits suicide within one year from reinstatement of the policy, insurance coverage will be void and the company will not pay any benefits except the GSV and will refund the premiums paid without interest to the nominee.

Advantages of PNB MetLife Money Back Plan

Survival benefits of 10% of Sum Assured become payable on completing 5 policy years, up to the 9th policy year.

Total benefits of 110% of Sum Assured payable during the policy term

Death Benefit will be paid irrespective of the survival benefits already paid.

MetLife Money Back Plan Reviews

I have opted for a ECS deduction from PNB Met life. I have taken a money back life insurance policy. The tenure is for the ten years and I get regular updates on the on the policy. The services are good and there is a bonus which I get every three years.

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